Monday, March 3, 2014

The Austrian Economists Who Refuted Marx (and Obama)

Richard Ebelig emails:

I have a new article on the news and commentary website, "EpicTimes," on "The Austrian Economists Who Refuted Marx (and Obama)."

Obama insists that he knows the "fair" and "just" minimum wage that any American should earn; he has also pointed his finger at private enterprise and told the businessmen who own them that "you did not make it."

These are the shadow ideas of socialist concepts long past, especially those of Karl Marx. These are ideas that were originally refuted by two of the first and leading members of the Austrian School of Economics -- Carl Menger and Eugen von Bohm-Bawerk.

They debunked the implicit labor theory of value that underlies Obama's conception of an objectively "just" minimum wage. And they demonstrated that businessmen, indeed, do "make it" through their savings, investments, entrepreneurial willingness to speculatively bear the uncertainties of earning profits or suffering losses.

In fact, without these free enterprising businessmen who "make it," there would be neither jobs nor rising standards of living for all others in society.